A review of things you need to know before you go home on Friday; Fonterra slashes milk price – offers farmers interest free loans, Auckland house prices drop on Trade Me Property, China prepares to pump more money into its stock market

Here are the key things you need to know before you leave work today.

TODAY’S MORTGAGE RATE CHANGES
BNZ introduced  a “special” one year mortgage interest rate of 4.69% and cut its standard and FlyBuys fixed rate mortgages by 10-20 bps. 

TODAY’S DEPOSIT RATE CHANGES
HSBC cut the interest rates on 18 month to 5 year term deposits by 10-20 bps. Kiwibank cuts interest rates on its Notice Saver, Front Runner and Bonus Saver accounts by 25bps. 

FONTERRA SLASHES MILK PRICE FORECAST TO $3.85
Fonterra cut its farmgate milk price forecast by $1.40 to $3.85 per kg of milksolids, due to what chairman John Wilson decsribed as the continued significant imbalance in the global dairy market between weak demand and surplus supply. “It will be a tough season for our farmers,” Wilson said. Fonterra would assist farmers by offering them what it is calling “interest free loans” of up to 50 cents per Fonterra share, which will be interest free for up to two years and will need to be repaid when the farmgate milk price or advance price rises above $6 per kg of milk solids. 

AUCKLAND HOUSE PRICES DROP ON TRADE ME PROPERTY 
The average asking price of Auckland homes advertised for sale on Trade Me Property dropped by $16,650 (2.2%) in the three months to July compared to the three months to June. Trade Me said it was too early to say whether this was just a winter blip or the start of a longer term easing in prices. Prices continued to rise around the rest of the country.

WHOLESALE RATES LOWER
Wholesale swap rates were trending lower ahead of Fonterra’s latest farmgate milk price forecast. The swap curve continued to steepen with long trem rate sdown 5bps. The 90 day bank bill rate is  at a low 3.01%.

NZD STRENGTHENS AGAINST AUD
The NZ dollar is currently at 65.5 US¢. It’s strengthened by around 30bp against the Australian to 88.78 AU¢, following weaker than expected employment data. The NZD’s at 59.9 euro cents. The TWI is at 70.3. Check our real-time charts here.

CHINESE GOVERNMENT READY TO PUMP ANOTHER US$322 BILLION INTO ITS STOCK MARKET

The Chinese government agency charged with investing in that country’s stock market to prevent it crashing further, is reportedly seeking an additional two trillion yuan (US$322 billion) to pump into the market and stem a price slide. That would be on top of the 3 trillion yuan the Chinese government has already pumped into its stock market to prop it up.

You can now see an animation of this chart. Click on it, or click here.

Daily exchange rates

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for(i=0;i

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